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South Cook News

Tuesday, December 24, 2024

Former state school employee Dixon paid in $122K to teachers' pension fund, could collect $2.75M in retirement

Money 01

Former state school employee Mary Dixon, who retired in June 2016, saved $122,098 toward a pension over 29 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Dixon would collect as much as $2.75 million, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Dixon received $57,837 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Dixon will have already received $178,768 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.

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